Step 1: Identify the physical principle.
The system consists of a rigid rod hinged at $O$ with a point mass $m$ at its end $P$. Since the rod is massless, only the point mass contributes to the dynamics. The motion is governed by conservation of mechanical energy:
\[
\text{Loss in potential energy} = \text{Gain in rotational kinetic energy}
\]
Step 2: Calculate change in potential energy.
- Initially, mass $m$ is at horizontal distance $L$ from $O$ at the same vertical level as $O$.
- When the rod swings down to the vertical, the mass descends by a vertical distance equal to $L$.
Thus, the loss in potential energy is:
\[
\Delta U = mgL
\]
Step 3: Express rotational kinetic energy.
Rotational kinetic energy is:
\[
K = \frac{1}{2} I \omega^2
\]
where $I$ is the moment of inertia of the system about hinge $O$.
Since the rod is massless and all mass $m$ is concentrated at distance $L$:
\[
I = mL^2
\]
Step 4: Apply energy conservation.
\[
mgL = \frac{1}{2} (mL^2) \omega^2
\]
Step 5: Simplify.
\[
mgL = \frac{1}{2} mL^2 \omega^2
\]
Cancel $m$:
\[
gL = \frac{1}{2} L^2 \omega^2
\]
\[
\omega^2 = \frac{2g}{L}
\]
\[
\omega = \sqrt{\frac{2g}{L}}
\]
Step 6: Nature of motion.
Since the rod is released from rest and falls under gravity, the angular velocity at the vertical position is clockwise.
Final Answer:
\[
\boxed{\sqrt{\dfrac{2g}{L}}}
\]